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The EU adopts another package of sanctions in response to Russia’s aggression against Ukraine


​by Alicja Szyrner

17 October 2022

The Council of the European Union adopted a new, eighth package of economic sanctions on Russia on 6 October 2022. 

The existing restrictive measures have been extended to cover, among other things:

  • steel products originating or exported from Russia; 
  • wood pulp and paper; 
  • cigarettes, plastics and cosmetics;
  • precious stones and noble metals. 

Managing cryptocurrency portfolios and accounts for citizens and residents of Russia has been banned, and so have been architectural, engineering as well IT and legal advisory services for Russian entities. 

Further 30 individuals and 7 businesses have been sanctioned. The criteria for putting someone on a sanction list have also been extended so that also the people who contribute to evasion of the sanctions may be listed.

In view of the new and the existing obligations connected with the imposed sanctions as well as the financial and criminal liability for non-compliance with them, we recommend that you each time verify your contracting parties and the subject of your transactions. In this case, it may be helpful to introduce relevant internal verification procedures based on the compliance system.

Our experts offer assistance in identifying the risks and introducing preventive measures to secure the company's interests. 


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